3-Unit Value-Add | NTM-1 Zoning | South St. Pete

Built in 1928, this 1,726 sq. ft. property is zoned NTM-1. While currently configured as a 3-unit property (a front house, a rear structure, and a detached garage apartment), its flexible zoning allows for up to 4 units, making it a natural blueprint for a heavy value-add multi-family redevelopment.  The property will require a full heavy-gut renovation and potential structural work in the rear due to severe deferred maintenance and failed roofs.

House Assets:

• NTM-1 zoning allows up to 4 units on this lot. Alley access easily satisfies St. Pete’s parking requirement for NTM-1 development.
• Layout & Footprint: At 1,726 SF, the footprint is split across multiple structures on a 5,062 SF lot. The property currently partitions into three distinct units:
• Front Structure: A ~1,026 SF primary structure featuring a 2-bedroom, 2-bathroom layout.
• Rear Structure: A ~700 SF detached building currently configured as a 2-bedroom, 1-bathroom layout.
• Garage Apartment: A 1-bedroom, 1-bathroom unit

Repairs Needed (Estimated):

• Full modernization of all three units, including kitchens, baths, flooring, paint, mold remediation, and full drywall replacement.
• Plumbing & Drain Lines: 1928 build with no permitted plumbing since 2006; original cast iron is probable. Budget for full trenching and replacement.
• Mechanical Systems: HVAC, electrical panels, and water heaters across all units require full replacement.
• Rear Structure / Development: Assess rear structure for a full rehab (Scenario 1) or complete demolition to rebuild two new 1/1 units to maximize the 4-unit NTM-1 zoning allowance (Scenario 2).

🟣 Comparable Sales

1. 1501 Newark St S | 5/2 | 1,344 SF | Est. Value ~$297,000 Closed ($221/SF). Only true multifamily closed comp in the set. Likely as-is or minimally improved. Establishes the distressed multifamily baseline floor.
2. 4649 Queensboro Ave S | 3/2 | 1,479 SF | Est. Value ~$459,900 Closed ($311/SF). Fully renovated 1920s craftsman. Strong signal for renovated vintage product in this pocket. Apply a 15–20% multifamily discount for ARV reference.
3. 1720 Scranton St S | 2/2 | 1,108 SF | Est. Value ~$379,000 Pending ($342/SF). Same era, fast pending. Confirms the $/SF ceiling for renovated product.
4. 1745 41st St S | 2/2 | 961 SF | Est. Value ~$300,000 Closed ($312/SF). Smaller renovated SFR.
5. 2511 10th Ave S | 6/4 | 1,808 SF | Est. Value ~$399,000 Active. Similar SF, less desirable location. Conservative ARV floor reference.
6. 3527 18th Ave S | 5/3 | 2,041 SF | Est. Value ~$699,000 Active. Fully renovated duplex plus newly built ADU on the same street. Has not sold-ceiling reference only, not an ARV anchor.

🟡 ARV & Rental Analysis (3-Unit Strategy)

The renovated single-family comps establish a neighborhood retail value of $310–$342/SF. Applying a conservative 15–20% multifamily discount yields $250–$290/SF for a fully modernized 3-unit property under Scenario 1 (no rear demolition).

Estimated ARV:  $450,000 – $500,000 (Note: A 4-unit new-build scenario yields an income-based ARV of $885K+ at an 8% cap rate).

Projected Rent: $2,200 (Front 2/2) + $1,700-$1,900 (Rear 2/1) + $1,100-$1,400 (Garage 1/1) – $5,000 – $5,500/month combined.